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Australia: Warrnambool Cheese Lifts Profit Guidance

Source: Warrnambool Cheese & Butter

30 July 2013

Recent positive improvements in trading conditions have impacted favorably on WCB full year trading results.

In its previous market update on April 18 WCB announced that its full year FY2013 outlook remained challenging due to subdued international commodity prices, the continuing high Australian dollar and ongoing competition for milk. As a result, WCB expected its net profit after tax for FY2013 to be at least 80% below last financial year.

It is now clear that WCB's net profit after tax for FY2013 will improve significantly from the April update to be approximately 52% below last year due to the following:

  • improved trading conditions which saw international dairy prices rise to record highs in Q4. Prices have since softened slightly but remain significantly stronger than the FY2013 average;
  • the considerable depreciation of the Australian dollar against other currencies; and
  • business improvement projects and investments are contributing to a positive product mix change and higher margins.

CEO David Lord said "the recent improvement in trading conditions and overall business performance have provided a welcome lift in FY2013 profits and we expect the continuation of these factors will contribute to improved earnings in FY2014".

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